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Author Question: Last year the price of corn was 3 per bushel and the quantity of corn demanded was 8 million ... (Read 103 times)

fbq8i

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on: Jun 29, 2018
Last year the price of corn was 3 per bushel and the quantity of corn demanded was 8 million bushels. This year the price of corn is 4 per bushel and the quantity of corn demanded is 7 million bushels.
 
  Assuming that the demand curve has not shifted, what is the price elasticity of demand for corn? (Use the midpoint formula.) A) 1
  B) 0.47
  C) 2.14
  D) 0.29

Question 2

If growth in the United States speeds up so that investors believe they can make a bigger profit from U.S. assets, the ________ U.S. dollars will ________.
 
  A) demand for; increase
  B) demand for; decrease
  C) supply of; increase
  D) supply of; decrease


Sarahjh

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A


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